Hyundai Motor Invests In Ride-Hailing Firm Grab

SEOUL (Reuters) – Hyundai Motor Co said on Thursday it had invested in Singapore-based ride-hailing firm Grab, in the South Korean automaker’s first foray into the rapidly growing sector as it tries to diversify following a sales slump in China.

Grab has expanded to eight Southeast Asian countries and has said it is the biggest operator in the region’s third-party taxi hailing and private-vehicle hailing sector.

Companies - Services - Southeast - Asia - Hyundai

The companies will jointly develop services in Southeast Asia, including one utilizing Hyundai’s eco-friendly models such as the IONIQ Electric, the two firms said in a statement.

They did not disclose the value of Hyundai’s investment and a spokeswoman for the...